MCE Insurance hits significant green milestone as it moves to new insurance model
MCE Insurance has hit a significant milestone in reducing its carbon footprint with the news that it has stripped and sold 2,000 parts in under a year through its new green parts initiative.
MCE’s green parts programme salvages undamaged parts from written-off motorbikes to be sold back into the market, reducing the need to manufacture new parts and the carbon impact that process generates.
While MCE has been trading in salvage since 2015, it was only in January this year that the motorbike insurance specialist moved into the green parts market, generating over £300,000 in revenue in that time while securing over 2,000 100% positive reviews from customers.
The wider salvage operation is on target to generate £5m per annum, MCE is the only insurance firm currently trading in motorcycle salvage.
Julian Edwards, CEO of MCE Insurance, said: “Diversifying our income stream is a key element of our strategy at MCE and we dedicate significant resource to analysing our model for innovative ways to cross sell into non-risk income.”
“In five short years and with the right ambition, focus and determination, MCE has generated significant income outside of the standard premium and commission revenue. And to be able to reduce our carbon footprint in the process means our salvage operation is delivering on all fronts.”
The news comes in the same year that the British Insurance Brokers’ Association called for a greater focus on green initiatives within the broking community in its 2020 Manifesto, citing green motor repairs as a priority.
“MCE is 100% committed to changing the way we operate to ensure that the environmental impact of our operations is at an absolute minimum. That commitment forms a core part of our ambition to create a new kind of insurance model, one that moves away from the traditional methods of transacting insurance.”
MCE’s salvage operation is just one element of its increasingly diverse revenue stream which includes premium finance, credit hire, roadside assistance and debt litigation services.
It is expected that by the end of 2021, MCE will have recycled over 10,000 motorcycle parts, making a significant impact on the environmental cost of motorbiking and generating further non-risk income for the business.